Remediation progressing in Drumheller, Alberta
At 9,136 BTC, Hut 8 continues
to have one of the largest self-mined Bitcoin reserves
of any publicly traded company
120 Bitcoin mined in
June
TORONTO, July 6, 2023
/PRNewswire/ - Hut 8 Mining Corp. (Nasdaq: HUT)
(TSX: HUT), ("Hut 8" or the "Company") one of
North America's largest,
innovation-focused digital asset mining pioneers and high
performance computing infrastructure provider, mined
120 Bitcoin in June
2023.
Production highlights for
June 2023:
- 120 Bitcoin were generated, resulting in an
average production rate of approximately 4.0 Bitcoin
per day
- 217 Bitcoin – 100% of Bitcoin
produced in May and 70 Bitcoin produced in June – were
sold during the month for proceeds totalling $7.9 million
- Total balance of Bitcoin in reserve is 9,136;
8,289 of Bitcoin in reserve is unencumbered
- Installed ASIC hashrate capacity at our
Alberta facilities was 2.6 EH/s at
the end of the month
- Hut 8 produced 46.2 BTC/EH in June
Operational highlights:
- In June 2023, our repair and
restoration efforts at our Drumheller,
Alberta site continued as the team repaired more than 3,700
hashboards throughout the month. Our focus is on re-installation
and energization of the repaired miners while continuing to
complete repairs on other miners.
- Earlier this month, Interior Health, the health authority for
southern British Columbia signed a
five-year agreement for co-location services with Hut 8 at our
flagship Kelowna data centre.
- Hut 8 disclosed in an amendment to its Form S-4 Registration
Statement filed in mid-June that it expects the installed
self-mining capacity of Hut 8 Corp. to be 7.5 EH/s, assuming the
completion of the proposed all-stock merger of equals between U.S.
Data Mining Group, Inc. dba US Bitcoin Corp ("USBTC")
and Hut 8 (the "Transaction"). This includes the 1.8 EH/s installed
self-mining capacity at the King Mountain, Texas site which is owned by a joint venture
in which USBTC has a 50% membership interest alongside a leading
energy partner.
- On June 26, Hut 8 announced that
it entered a US$50 million credit
facility with Coinbase Credit, Inc.
"June was very productive, with key developments across our
mining and high performance computing operations businesses, and
progress on obtaining key regulatory approvals related to the
merger with USBTC," said CEO Jaime
Leverton. "We are committed to keeping that momentum going
as we work diligently at closing the transaction with USBTC."
About Hut 8
Hut 8 is one of North America's largest
innovation-focused digital asset miners, led by a team of
business-building technologists, bullish on bitcoin,
blockchain, Web 3.0, and bridging the nascent and traditional high
performance computing worlds. With two operational digital asset
mining sites located in Southern Alberta, Hut 8 has one of the
highest capacity rates in the industry and one of the highest
inventories of self-mined Bitcoin of any digital asset
miner or publicly-traded company globally. With over 36,000 square
feet of geo-diverse data centre space and cloud capacity connected
to electrical grids powered by significant renewables and
emission-free resources, Hut 8 is revolutionizing conventional
assets to create the first hybrid data centre model that serves
both the traditional high performance compute (Web 2.0) and nascent
digital asset computing sectors, blockchain gaming, and Web 3.0.
Hut 8 was the first Canadian digital asset miner to list on the
Nasdaq Global Select Market. Through innovation, imagination, and
passion, Hut 8 is helping to define the digital asset revolution to
create value and positive impacts for its shareholders and
generations to come.
Cautionary Note Regarding
Forward–Looking Information
This press release includes "forward-looking information"
and "forward-looking statements" within the meaning of Canadian
securities laws and United States securities laws,
respectively (collectively, "forward-looking information"). All
information, other than statements of historical facts, included in
this press release that address activities, events or developments
that the Company expects or anticipates will or may occur in the
future, including such things as future business strategy,
competitive strengths, goals, expansion and growth of the Company's
businesses, operations, plans and other such matters is
forward-looking information. Forward-looking information is often
identified by the words "may", "would", "could", "should", "will",
"intend", "plan", "anticipate", "allow", "believe", "estimate",
"expect", "predict", "can", "might", "potential", "predict", "is
designed to", "likely" or similar expressions. In addition, any
statements in this press release that refer to expectations,
projections or other characterizations of future events or
circumstances contain forward-looking information and include,
among others, statements regarding: Bitcoin network
dynamics; the Company's ability to advance its longstanding HODL
strategy; the Company's ability to produce additional
Bitcoin and maintain existing rates of productivity at
all sites; the Company's ability to continue mining digital assets
efficiently; the sale of the Company's Bitcoin
production and the proposed use of proceeds from such sale; the
Company's plans with respect to the energization of the miners that
were removed from the North Bay
facility; the Company's expected recurring revenue and growth rate
from its high performance computing business; the remediation of
the operational issues at the Company's Drumheller facility, and the timing thereof;
expectations related to Hut 8 Corp.'s hashrate and self-mining
capacity; the ability of Hut 8 and USBTC to complete the
Transaction, including, receipt of required regulatory approvals,
shareholder approvals, court approvals, stock exchange approvals
and satisfaction of other closing customary conditions; and the
Company's ability to successfully navigate the current market.
Statements containing forward-looking information are not
historical facts, but instead represent management's expectations,
estimates and projections regarding future events based on certain
material factors and assumptions at the time the statement was
made. While considered reasonable by Hut 8 as of the date of this
press release, such statements are subject to known and unknown
risks, uncertainties, assumptions and other factors that may cause
the actual results, level of activity, performance or achievements
to be materially different from those expressed or implied by such
forward-looking information, including but not limited to, security
and cybersecurity threats and hacks, malicious actors or botnet
obtaining control of processing power on the Bitcoin
network, further development and acceptance of the
Bitcoin network, changes to Bitcoin
mining difficulty, loss or destruction of private keys, increases
in fees for recording transactions in the Blockchain, erroneous
transactions, reliance on a limited number of key employees,
reliance on third party mining pool service providers, regulatory
changes, classification and tax changes, momentum pricing risk,
fraud and failure related to digital asset exchanges,
difficulty in obtaining banking services and financing, difficulty
in obtaining insurance, permits and licenses, internet and power
disruptions, geopolitical events, uncertainty in the development of
cryptographic and algorithmic protocols, uncertainty about the
acceptance or widespread use of digital assets, failure to
anticipate technology innovations, the COVID19 pandemic, climate
change, currency risk, lending risk and recovery of potential
losses, litigation risk, business integration risk, changes in
market demand, changes in network and infrastructure, system
interruption, changes in leasing arrangements, failure to achieve
intended benefits of power purchase agreements, potential for
interrupted delivery, or suspension of the delivery, of energy to
the Company's mining sites, and other risks related to the digital
asset and data centre business. For a complete list of the factors
that could affect the Company, please see the "Risk Factors"
section of the Company's Annual Information Form dated March 9, 2023, and Hut 8's other continuous
disclosure documents which are available on the Company's profile
on the System for Electronic Document Analysis and Retrieval at
www.sedar.com and on the EDGAR section of the U.S. Securities and
Exchange Commission's website at www.sec.gov.
These factors are not intended to represent a complete list of
the factors that could affect Hut 8; however, these factors should
be considered carefully. There can be no assurance that such
estimates and assumptions will prove to be correct. Should one or
more of these risks or uncertainties materialize, or should
assumptions underlying the forward-looking statements prove
incorrect, actual results may vary materially from those described
in this press release as intended, planned, anticipated, believed,
sought, proposed, estimated, forecasted, expected, projected or
targeted and such forward-looking statements included in this press
release should not be unduly relied upon. The impact of any one
assumption, risk, uncertainty, or other factor on a particular
forward-looking statement cannot be determined with certainty
because they are interdependent and Hut 8's future decisions and
actions will depend on management's assessment of all information
at the relevant time. The forward-looking statements contained in
this press release are made as of the date of this press release,
and Hut 8 expressly disclaims any obligation to update or alter
statements containing any forward-looking information, or the
factors or assumptions underlying them, whether as a result of new
information, future events or otherwise, except as required by
law.
Additional Information about the
Transaction and Where to Find It
In connection with the Transaction, that, if completed, would
result in New Hut becoming a new public company, Hut 8 Corp. ("New
Hut") has filed a registration statement on Form S-4 (the "Form
S-4") with the U.S. Securities and Exchange Commission (the "SEC").
USBTC and Hut 8 urge investors, shareholders, and other interested
persons to read the Form S-4, including any amendments thereto, the
Hut meeting circular, as well as other documents to be filed with
the SEC and documents to be filed with Canadian securities
regulatory authorities in connection with the Transaction, as these
materials will contain important information about USBTC, Hut 8,
New Hut and the Transaction. New Hut also has, and will, file other
documents regarding the Transaction with the SEC. This press
release is not a substitute for the Form S-4 or any other documents
that may be sent to Hut's shareholders or USBTC's stockholders in
connection with the Transaction. Investors and security holders
will be able to obtain free copies of the Form S-4 and all other
relevant documents filed or that will be filed with the SEC by New
Hut through the website maintained by the SEC at
www.sec.gov or by contacting the investor relations department
of Hut 8 at info@hut8.io and of USBTC at
info@usbitcoin.com.
No Offer or Solicitation
This press release is not intended to and shall not constitute
an offer to sell or the solicitation of an offer to sell or the
solicitation of an offer to buy any securities, nor shall there be
any sale of securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such jurisdiction.
No offer of securities shall be made except by means of a
prospectus meeting the requirements of Section 10 of the Securities
Act of 1933, as amended (the "Securities Act") or in a transaction
exempt from the registration requirements of the Securities
Act.
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SOURCE Hut 8 Mining Corp